5 Computing Depreciation Using Various Depreciation Methods To demonstrate the computations involved in several methods of depreciating a fixed asset the following data are used for equipment purchased on January 1.2020 Cost and residual value Estimated service life Acunon cost 112.500 Years Residual value $500 Service hours 10.000 Productive output (unts 24.000 Required Compute annual depreciation using each of the following methods a Straight line depreciation Compute the depreciation amount for each year 2020 2021 2022 2023 2024 Depreciation Expenses Units of production method using service hours as a measure of input Compute the amount of depreciation expense for the first year assuming 2.200 service hours of actual operation 2020 Depreciation Expense units of production method using units produced as a measure of output: Compute the amount of depreciation expense for the first year assuming 4.000 units of output Depreciation Expenses d. Sum of the years digits method Compute the depreciation amount for each year, 2020 2021 2022 2023 2020 e. Double-declining balance method: Compute the depreciation amount for each year. 2020 2021 2022 2023 2024